Indonesia’s trade performance showed positive growth in October 2024, with both exports and imports seeing notable increases. According to data from the Central Statistics Agency (BPS), the export value for the month reached US$24.41 billion, marking a 10.69% increase compared to September. Imports, on the other hand, surged to US$21.94 billion, a rise of 16.54% over the same period.
A key driver of Indonesia’s overall export performance was its non-oil and gas sector, which contributed significantly to the growth. In October 2024, non-oil and gas exports were valued at US$23.07 billion, a 10.35% increase compared to September, and an 11.04% rise from October 2023. Over the first ten months of 2024, cumulative exports reached US$217.24 billion, an increase of 1.33% compared to the same period in 2023. Non-oil and gas exports alone totaled US$204.21 billion, growing by 1.48%.
The top-performing commodities within non-oil and gas exports were primarily in the animal and vegetable fats and oils sector, which saw a 52.67% increase (US$1,046.5 million). However, some sectors experienced a decline, with precious metals and jewelry/gems falling by 14.46% (US$102 million).
From a sectoral perspective, the processing industry remained the leading contributor, with a 3.75% growth in non-oil and gas exports, while agricultural, forestry, and fisheries products saw a strong rise of 23.78%. Conversely, mining and other sectors saw a decline of 8.65%.
Key Export Destinations
Indonesia’s trade performance in October 2024 highlights strong export growth, particularly in non-oil and gas commodities, driven by key sectors such as fats and oils, as well as a positive demand from its major trade partners, especially China, the United States, and India.
China remained Indonesia’s largest export partner in October 2024, with exports valued at US$5.66 billion, accounting for 23.2% of the total non-oil and gas exports. Other major destinations included the United States (US$2.34 billion) and India (US$2.02 billion), with the three largest markets together contributing 43.49% of total exports. The ASEAN region and the European Union (27 countries) were also important markets, with exports of US$4.32 billion and US$1.59 billion, respectively.
At the provincial level, West Java led the charge with US$31.52 billion in exports, accounting for 14.51% of the total, followed by East Java (US$21.44 billion, 9.87%) and East Kalimantan (US$20.86 billion, 9.60%).
Major Import Suppliers
On the import side, the spike in oil and gas purchases underscores the ongoing global energy dynamics, while the rise in non-oil and gas imports reflects Indonesia’s continued industrial activity and economic recovery.
Indonesia’s import sector also saw a substantial uptick in October 2024. The total import value for the month reached US$21.94 billion, a rise of 16.54% compared to September, and an 17.49% increase from October 2023. Notably, oil and gas imports rose sharply by 44.98% to US$3.67 billion, driven by a rise in global energy prices and supply needs. Non-oil and gas imports stood at US$18.27 billion, a 12.13% increase over September.
Among the major categories, electrical machinery/equipment showed the largest growth, rising by 29.20% (US$590.1 million). On the other hand, imports of machinery/mechanical equipment and parts fell slightly by 2.09% (US$62.1 million).
The primary sources of Indonesia’s imports in October 2024 were China, which supplied US$6.43 billion (35.19% of total imports), followed by Japan (US$1.50 billion, 8.22%) and Singapore (US$1.09 billion, 5.96%). Non-oil and gas imports from the ASEAN region were US$3.40 billion, contributing 18.61%, while the European Union supplied US$1.07 billion (5.88%). On the import side, raw and auxiliary materials showed the largest increase, rising by 5.40% (US$7.21 billion), followed by capital goods with an increase of 4.69% (US$1.51 billion). The import of consumer goods also saw a moderate rise of 5.08% (US$888.9 million).